NGX Lifts Suspension on C & I Leasing Shares

The Nigerian Exchange Limited (NGX) had suspended trading in the shares of C & I Leasing Plc on July 11, 2023, due to non-compliance with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing, as outlined in the Rulebook of The Exchange (Issuers’ Rules).

This suspension was a result of the company’s failure to file its relevant financial accounts within the specified timeframe.

The Rule, as mentioned, required the Exchange to take the following steps in case of non-compliance:

Send a “Second Filing Deficiency Notification” to the issuer within two business days after the expiration of the Cure Period.
Suspend trading in the issuer’s securities.
Notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.
However, on October 12, 2023, the suspension on trading in the shares of C & I Leasing Plc was lifted. This decision was made following the company’s submission of its outstanding financial statements and in accordance with Rule 3.3 of the Default Filing Rules, which allows for the lifting of the suspension upon the submission of the relevant accounts, provided they comply with all applicable rules of The Exchange.

The NGX announced the lifting of the suspension in accordance with Rule 3.3, and this announcement was made through the same medium by which the public and the SEC were initially notified of the suspension. This means that trading in the shares of C & I Leasing Plc has resumed, and investors and trading license holders are now free to transact in these securities once again.